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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Why Bitcoin’s Staggering 260% YTD Surge Could Be Just The Start

Reynaldo Marquez
Reynaldo Marquez
1 year ago
3 mins read
Bitcoin BTC BTCUSDT

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The price of Bitcoin slowed down its ascend following a week of smashing critical resistance levels. However, the rally is likely in its early stages, with BTC preparing to see further profits in the coming months.

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As of this writing, the cryptocurrency trades at $43,300, reclaiming levels last seen in 2022 before the crash to its yearly lows. In the weekly chart, BTC records a 15% rally, with Ethereum following the trend while other altcoins lagged behind the two most prominent cryptocurrencies.

bitcoin chart btc btcusdt
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

Spot Bitcoin Jumps 15% In December, Eyes On Potential SEC Approval

The crypto market has witnessed another remarkable surge in Bitcoin (BTC), with a 15% increase in just the first week of December. According to QCP Capital’s latest market update, this growth takes BTC’s year-to-date (YTD) gain to 260%.

This exponential rise is primarily attributed to the anticipation surrounding the approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

On December 1st, the SEC announced that January 5th, 2024, will be the final deadline for rebuttal comments. This timeline sets the stage for probable approval in the week following.

Although QCP Capital humorously notes that the significance of the 15th anniversary of Bitcoin’s Genesis block on January 3rd, 2024, might be lost on the SEC, the “market has certainly taken note.”

As Bitcoin nears the $45,000 mark leading up to the expected announcement, investors are weighing how much of this news has already been priced. The post-ETF approval period will be critical, as the real impact depends on the actual flows from the ETF in its initial trading weeks. A ‘sell-the-news’ event is possible next year if expectations don’t match reality.

Asian Buyers Re-Enter Market, When Altcoin Season?

The December 1st announcement has also spurred renewed interest from Asian buyers, who had been less active in the preceding month. Notably, most of the recent spot gains have occurred during U.S. trading hours as investors in the country take positions in preparation for the SEC announcement.

Bitcoin price BTC BTCUSDT Chart 2
As measured by trading hours, US investors are behind the current Bitcoin rally, but there is an increase in activity from the Asian market. Source: QCP Capital

As the market prepares for the launch of the spot ETF, investors won’t find themselves short of options. With 13 applications for spot ETFs and several others for leveraged and options-based ETFs in the pipeline, the traditional finance ecosystem surrounding BTC (and soon ETH) is poised for significant expansion.

QCP Capital anticipates that in a market characterized by low costs and tight spreads, structured products might emerge as a key asset class for generating alpha, similar to other markets like gold. The trading desk noted:

This means that should spot BTC top on launch day itself, it will not stop the Traditional Finance ecosystem boom around BTC, and soon ETH – the likes of which we have been writing about for years now.

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Apollo Crypto Predicts Bitcoin Price Of $200,000 This Cycle, Here’s Why

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A report from the Glassnode co-founders indicates that the altcoin sector is already trying to catch up with the current BTC price action. The current pullback could provide an opportunity for smaller coins waiting to benefit from the bullish momentum.

How much longer will altcoins trail behind before making their move? 🚀🔮

📈 The Bitcoin narrative continues to steer the ship, but a closer look reveals the total altcoin market cap playing catch-up. 🚀

With Ethereum and BTC leading the way, we are potentially on the brink of… pic.twitter.com/KC1QdWmnlE

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) December 7, 2023 

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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